Foreword |
List of Abbreviations |
Chapter I: Overview |
Chapter II: Fiscal Position of the State Governments |
1. Introduction |
2. Key Fiscal Indicators |
3. Receipts |
4. Expenditure |
5. Actual Outcome in 2024-25 So Far and Outlook |
6. Financing of GFD and Market Borrowings by State Governments and UTs |
7. Outstanding Liabilities |
8. Conclusion |
Annex II.1: Deficit Indicators - State-wise |
Annex II.2: States’ Expenditure on Research and Development (R&D) |
Chapter III: Fiscal Reforms by States |
1. Introduction |
2. Review of Sub-national Fiscal Rules |
3. Institutional Reforms |
4. Major Expenditure Reforms |
5. Tax Reforms |
6. Borrowing Reforms |
7. Power Sector Reforms |
8. Reforms: Way Ahead |
9. Concluding Observations |
Annex III.1: Abbreviations used for States |
Annex III.2: State Institutions for Transformation |
Annex III.3: List of Major Schemes Undertaken by the States under DBT |
Annex III.4: Fiscal Reforms by States |
Chapter IV: The Way Forward |
Annex IV.1: Statement on Total Outstanding Liabilities |
References |
Explanatory Note on Data Sources and Methodology |
e-STATES Database |
LIST OF BOXES |
II.1 GST and Convergence in the Tax-GSDP Ratios of States |
II.2 Expenditure Multipliers of Indian States |
II.3 Working Group on State Government Guarantees – Major Recommendations |
III.1 Sub-national Fiscal Rules: Cross-country Practices |
III.2 Transforming Fiscal Management – A Case Study of Odisha |
LIST OF TABLES |
II.1 Major Deficit Indicators - All States and Union Territories with Legislature |
II.2 Aggregate Receipts of State Governments and Uts |
II.3 Expenditure Pattern of State Governments and UTs |
II.4 Changes in Gross Market Borrowings across Major States |
II.5 Market Borrowings of State Governments |
II.6 Maturity Profile of Outstanding State Government Securities |
II.7 State Governments’ Investments in Treasury Bills |
II.8 Investment in CSF/GRF by States/UTs |
II.9 Outstanding Liabilities of State Governments and UTs |
II.10 Composition of Outstanding Liabilities of State Governments and UTs |
II.11 Guarantees Issued by State Governments |
III.1 FRL Practices of States |
III.2 PEFA Scoring Mechanism |
III.3 Fiscal Marksmanship of Revenue Receipts and its Components using PEFA |
III.4 Fiscal Marksmanship of Revenue Expenditure and its Components using PEFA |
III.5 Fiscal Marksmanship of Capital Expenditure and its Components using PEFA |
III.6 Comparative Analysis of OPS, NPS and UPS |
III.7 Number of States/UTs which availed SDF/ WMA/ OD |
LIST OF CHARTS |
II.1 Gross Fiscal Deficit |
II.2 Key Drivers of Change in GFD during 2022-23 over 2021-22 |
II.3 Key Drivers of Change in GFD during 2023-24 over 2022-23 |
II.4 States’ GFD-GSDP Ratios and FRL Limit in 2024-25 |
II.5 States’ Own Tax Revenue |
II.6 Own Tax Revenue |
II.7 Revenue Expenditure |
II.8 Social Sector and Committed Expenditure |
II.9 States’ Capital Outlay |
II.10 Capital Outlay: Pre-and Post-Interest Free Loan Scheme |
II.11 State-Wise Interest-Free Loans |
II.12 State-Wise RECO Ratio for 2024-25 (BE) |
II.13 Research and Development Expenditure – Component-wise |
II.14 States’ Revenue Receipts during April-October 2024-25 |
II.15 Growth in States’ Capital Outlay |
II.16 States’ Gross Market Borrowings |
II.17 Actual vs. Indicative Calendar |
II.18 Net Market Borrowings of Major States |
II.19 SGSs – Maturity and Yield Spread |
II.20 States’ Outstanding Liabilities at end-March 2025 (BE) |
II.21 Interest Burden of States |
III.1 Adherence to Fiscal Targets – State-wise Performance |
III.2 Central Transfers and Expenditure Quality of States |
III.3 DBT Performance Index 2020 |
III.4 Financing of Gross Fiscal Deficit (GFD) |
III.5 Investment by State Governments in CSF and GRF |
III.6 Recent Performance of DISCOMs |
LIST OF APPENDIX TABLES FOR STATES’ BUDGETS 2024-25 |
1. Major Deficit Indicators of State Governments |
2. Devolution and Transfer of Resources from the Centre |
3. Development and Non-Development Expenditure: Aggregate |
4. Development Expenditure - Major Heads |
5. Non-Development Expenditure - Major Heads |
6. Development and Non-Development Expenditure |
7. Composition of Social Sector Expenditure |
8. Decomposition of Gross Fiscal Deficit |
9. Financing of Gross Fiscal Deficit |
10. Financing of Gross Fiscal Deficit - As per cent of Total |
11. Composition of Outstanding Liabilities of State Governments and Uts |
12. Composition of Outstanding Liabilities of State Governments and UTs - As per cent of Total |
13. State Government Market Borrowings |
LIST OF STATEMENTS AND APPENDICES FOR STATES’ BUDGETS 2024-25 |
LIST OF STATEMENTS |
1. Major Fiscal Indicators |
2. Revenue Deficit/Surplus |
3. Gross Fiscal Deficit/Surplus |
4. Decomposition of Gross Fiscal Deficit |
5. Financing of Gross Fiscal Deficit – 2022-23 (Accounts) |
6. Financing of Gross Fiscal Deficit – As per cent of Total – 2022-23 (Accounts) |
7. Financing of Gross Fiscal Deficit – 2023-24 (Revised Estimates) |
8. Financing of Gross Fiscal Deficit – As per cent of Total – 2023-24 (Revised Estimates) |
9. Financing of Gross Fiscal Deficit – 2024-25 (Budget Estimates) |
10. Financing of Gross Fiscal Deficit – As per cent of Total 2024-25 (Budget Estimates) |
11. Development Expenditure |
12. Non-Development Expenditure |
13. Interest Payments |
14. Tax Revenue |
15. Non-Tax Revenue |
16. Loans from the Centre |
17. Devolution and Transfer of Resources from the Centre |
18. Composition of Outstanding Liabilities |
19. Total Outstanding Liabilities of State Governments |
20. Total Outstanding Liabilities - As per cent of GSDP |
21. Market Borrowings of State Governments |
22. State Government Market Loans |
23. Maturity Profile of Outstanding State Government Securities |
24. Maturity Profile of Outstanding State Government Securities - As per cent of Total |
25. Investment Outstanding in Treasury Bills |
26. Expenditure on Education - As per cent of Aggregate Expenditure |
27. Expenditure on Medical and Public Health and Family Welfare - As per cent of Aggregate Expenditure |
28. Outstanding Guarantees of State Governments |
29. Expenditure on Wages and Salaries |
30. Expenditure on Operations and Maintenance |
31. Social Sector Expenditure |
32. Social Sector Expenditure as per cent of Total Disbursement |
33. Revenue Receipts of State Governments and UTs |
34. Revenue Expenditure of State Governments and UTs |
35. Development Expenditure: Select Indicators |
36. Subsidies |
37. States’ Expenditure on Medical and Public Health, Family Welfare and Water Supply and Sanitation |
APPENDICES |
I. Revenue Receipts of States and Union Territories with Legislature |
II. Revenue Expenditure of States and Union Territories with Legislature |
III. Capital Receipts of States and Union Territories with Legislature |
IV. Capital Expenditure of States and Union Territories with Legislature |
NOTES TO APPENDICES |